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UK Financial Services Authority Statement: FSA bans trader for 'mis-marking'

( March 16, 2010, 10:20 GMT | Official Statement) -- Extract: He deliberately mis-marked the positions he traded on behalf of MLIB between mid-January 2009 and mid-February 2009 by around $100 million in order to avoid showing increasing losses in his books. These actions caused MLIB to make a negative adjustment of $456 million to its books and records.The Financial Services Authority (FSA) has today banned Alexis Stenfors, a former proprietary trader at Merrill Lynch International Bank (MLIB), from performing any function in relation to any regulated activity on the grounds that he is not a fit and proper person....

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